Federated Investors, Inc. Analyst Update

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1 Stability Investment Solutions Diligence Federated Investors, Inc. Analyst Update Data as of December 31,

2 Forward-Looking Information This presentation is provided as of the date on the cover. Certain statements in this presentation, including those related to the potential for growth and stability constitute forwardlooking statements, which involve known and unknown risks, uncertainties, and other factors that may cause the actual results, levels of activity, performance or achievements of Federated or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties are that market conditions and the performance of company products affect the potential for growth and stability. Other risks and uncertainties also include the risk factors discussed in the company s annual and quarterly reports as filed with the Securities and Exchange Commission. For a discussion of such risk factors, see the section item 1A Risk Factors in Federated s Annual Report on Form 10-K and other reports on file with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither Federated nor any other person assumes responsibility for the accuracy and completeness of such statements in the future. Federated does not undertake any obligation to update the statements in this presentation. 1

3 Federated Investment Considerations Business mix offers potential for growth, stability and sustainability Size across asset classes provides organic growth potential across cycles complemented by selective acquisitions Active management across $158B* in total long term managed assets: equity ($72.5B), fixed income ($63B), alternative/private markets ($18B) and multi-asset ($4B) Hermes acquisition adds premier ESG capabilities along with complimentary global investment strategies and distribution capabilities Pure play asset management company; financial strength and flexibility Member S&P 400 MidCap Index 2 *Data as of 12/31/18

4 Overview of Federated Investors Strategy: Develop high quality investment products in a variety of disciplines and distribute them through an extensive network of financial intermediaries in multiple channels, markets and countries Position: $460B AUM: $158B combined equity ($72.5B), fixed income ($63B), alternative/private markets ($18B) and multi-asset ($4B)* Top tier liquidity management business with $302B under management Hermes adds a premier ESG integrated manager along with a leading ESG advisory business (HEOS) 235 regional consultants/sales professionals 9,000+ intermediary firms and other institutions Top 10 SMA managers** Top 11 U.S. mutual fund managers*** 3 * Data as of 12/31/18 **Source: Money Management Institute/Cerulli Associates, Q ***Source: Strategic Insight 12/31 based on AUM, open-end funds

5 Diversified Mix of Revenue from Managed Assets Percentage of Revenue Less Distribution Expense by Asset Type* Money Market Average 36% High 61% Low 23% Fixed Income Average 20% High 25% Low 11% Equity** Average 43% High 52% Low 27% Alt/Private Market & Multi-asset Average 9% High 10% Low 8% Total Revenue less Distribution Expense was $180m in Q4 of 2008 and $234M in Q *Revenue less distribution expense is a non-gaap measure. See slide 26 for reconciliation **Prior to Q3 2018, Equity included some assets that are now classified as Alternatives/Private Markets or Multi-asset

6 Diversified Multi-channel Distribution AUM by Distribution Channel ($ in Billions) International 12% AUM: $460B as of 12/31/18 Institutional 23% Intermediaries 65% Intermediaries Domestic Broker Dealers, Bank Trust, Private Banks, Capital Markets, RIAs & Other Institutional Domestic Corporations, Government Entities, Pension Plan/Defined Contribution Sponsors, & Insurance Companies International Non-US entities including Insurance Companies, Sovereign Wealth Funds, Corporations, Banks, Broker Dealers & Local Governments 5 Total may not equal the sum of the parts due to rounding

7 Data as of 12/31/18 All numbers are in billions Includes Funds, SA, SMA, Subadvised and LGIP Equity Strategies Total Equity: $72.5B Value and Income $30 Strategic Value Dividend $28.6 Equity Income $0.9 All Other $0.8 Hermes $22 GEMS Fund $3.6 Asia ex Japan Fund $3.5 Global Emerging Markets Segregated Mandate $1.7 Global Equities ESG Mandate - Nordics $1.3 Global Equity Concentrated Mandate $1.3 Emerging Markets Equities $1.3 Global Small Cap Mandate $1.2 All Other $8.2 Growth/Kaufmann $11 Kaufmann Fund $5.5 Kaufmann Large Cap $2.9 Kaufmann Small Cap $1.5 Kaufmann Fund II $0.2 All Other $0.6 Quantitative/MDT $4 MDT Large Cap Value $1.1 MDT All Cap Core $0.8 MDT Small Cap Core $0.7 MDT Small Cap Growth $0.6 All Other $1.3 International ex-hermes $3 International Leaders $1.3 International Strategic Value Dividend $1.1 International Small-Mid Company $0.1 All Other $1 Value/Clover $1 Clover Small Value $0.5 Clover All Cap Value $0.3 All other $0.4 Index Funds $1 Mid-Cap Index $0.5 Max-Cap Index $0.3 6

8 Fixed Income Strategies Total Fixed Income and Money Market: $365.0B Money Market: $301.8B Fixed Income: $63.2B Money Market $302 Government $203.5 Prime $87.6 Tax Free $10.7 Multi Sector and Corporate $41 Total Return $7.8 Capital Preservation $4.0 Ultrashort Bond $3.8 Inst. Fixed Income $2.4 Short-Term Income $1.4 Federated Bond $1.1 Floating Rate Strategic Income $1.0 Sterling Cash Plus $1.0 All Other $18.2 High Yield $10 Inst. High Yield Bond $6.1 High Yield Trust $0.7 High Income Bond $0.6 All Other $2.2 Data as of 12/31/18 All numbers are in billions Includes Funds, SA, SMA, Subadvised and LGIP Municipal $5 Muni Ultrashort $2.5 Short Int Duration Trust $0.8 Muni High Yield Advantage $0.6 Muni Bond $0.3 Premier Muni Income $0.3 All Other $0.7 Gov and Mtge Backed $4 Gov Ultrashort $0.8 Gov Income Trust $0.3 US Gov Sec Fund: 2-5 Years $0.3 Total Return Gov Bond $0.2 Fund for U.S. Gov Sec $0.2 All Other $2.0 Hermes $3 Multi Strategy Credit $1.1 Global High Yield Credit $0.2 Unconstrained Bond $0.2 Global High Yield Bond $0.1 All Other $0.9 International ex-hermes $2 4 LVM Funds $1.0 Global Total Return Bond $0.0 All Other $0.4 7

9 Data as of 12/31/18 All numbers are in billions Includes Funds, SA, SMA, Subadvised and LGIP Alternative/Private Markets and Multi-Asset Strategies Total Alternative/Private Markets: $18.3B Total Multi-asset: $4.1B Real Estate $9 UK Property $3.0 Hermes Property Unit Trust $2.1 International Property $1.2 CMK Fund $0.8 Central London $0.7 All Other $0.8 Asset Allocation Funds $4 Muni and Stock Advantage $1.5 Capital Income $1.3 Managed Volatility II $0.7 Global Allocation $0.3 All Other $0.3 Private Equity and Infrastructure $8 HGPE - Private Equity Advisory $4.2 HGPE - Infrastruture Advisory $4.2 Other Alternative $1 Debt Funds $0.4 Unconstrained Credit $0.4 Prudent Bear $0.2 Direct Lend & Private or Alt Debt $0.1 Absolute Return $0.1 All Other $0.3 8

10 Monthly Average Mutual Fund & SMA Gross Sales Equity & Multi-asset, Fixed Income and Ultra-Short ($mm) CAGR* Equity & Multi Asset = 11% Fixed Income = 5% Ultra-Short = 8% 3,048 2,336 2,504 2,486 2,564 2,448 2,275 2,504 1,865 1,917 1,131 9 *CAGR Compound annual growth rate Alternative/Private Markets products are not illustrated

11 Equity and Fixed Income Sales: Fund and Separate Accounts ($mm) Fixed Income Equity* Fixed Inc Total Equity Total Gross Sales 16,460 15,788 27,564 20,156 79,967 Net Sales (1,190) (1,712) 10,517 (3,222) 4,393 Gross Sales 15,591 22,390 12,211 14,463 64,656 Net Sales 2,857 5,762 (3,995) (9,229) (4,604) 10 *Multi-asset products are included in the equity bucket and Alternative/Private Markets products are not illustrated

12 Liquidity Management Business: Money Market Funds & Separate Accounts MMF & Separate Accounts Assets ($B) CAGR Q1 99 Q4 18 = 6.6% Period End AUM Average Separate Acct AUM Average MMF AUM MMF & Separate Accounts Assets by Channel ($B) CAGR Q3 06 Q4 18 = 4.7% International Institutional BD/Retail 12/31/18 Total $302B Wealth Mgmt Broad Product Line Value-added Services Strength in Large Banks Barriers to Entry Hedge in periods of Volatility 11

13 Federated Money Market Fund* Assets Indexed Growth** vs. Money Stock, S&P 500, and Industry MMF CAGR (12/93 12/18) FII MMF 8% Industry MMF 7% S&P 500 7% Money Stock 6% *Beginning in Q1 17 Includes money market fund subadvised accounts Industry MMF Source: Investment Company Institute. **FII MMF Assets, the S&P 500 Index, the Money Stock, and Industry MMF Assets were each indexed to a value of 100 on 12/31/93. Money Stock is M2 plus Institutional Money Funds, which were formerly reported in M3 (M3 was discontinued on 3/23/06). Money Stock M1 is a measure of the money supply which includes currency in circulation plus demand deposits or checking account balances; M2 is M1 plus net time deposits and retail money funds; Source: Federal Reserve S&P 500 is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Federated Securities Corp. S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. 12

14 Separate Accounts Separate Accounts by Product Type ($B) Total AUM $159B Separate Accounts by Asset Type ($B) Separate Account Wins* $11.5B Fixed Income Gov t/credit Q4 17 $5.4B Money Market Prime Q4 17 $1.0B Money Market Prime Q3 15 $700mm Fixed Income High Yield Q4 14 $500mm Fixed Income Active Cash Q4 14 $250mm Equity International - EAFE Q3 15 $200mm Fixed Income Multi-Sector Q3 15 $185mm Fixed Income Muni/Active Cash Q4 17 $162mm Fixed Income Municipal Q2 15 $160mm Equity Mid Cap Growth Q2 15 $150mm Equity International - EAFE Q1 16 $150mm Equity International - EAFE Q3 15 $135mm Fixed Income High Yield Q3 15 $130mm Fixed Income High Yield Q2 15 $118mm Fixed Income Corporate Q3 16 $108mm Equity Strategic Value Q2 17 $100mm Fixed Income Gov t Q4 14 $581mm Additional 18 wins Fixed Income primarily via High Yield, Gov t & Trade Finance Equity primarily via Mid Cap Growth, Large Cap Growth, Strategic Value Dividend & Global Strategic Value Dividend 13 Data as of 12/31/18 *Excludes Hermes separate account wins

15 Roll-ups Centers of Excellence Acquisitions and Alliances $3.2b growth equity assets at closing, $10.1b at 12/31/18 $6.7b quantitative equity assets at closing, $4.8b at 12/31/18 Clover Capital Mgmt. Value equity style; $2.1b at closing, $1.0b at 12/31/18 London based Prime Rate Capital Management Money Market Assets $4.3b USD at closing, $5.5b USD at 12/31/18 Acquired 60% of Hermes Fund Managers Limited, a London-based leading ESG franchise with $46b of assets at closing, $42.8b at 12/31/18 Prudent Bear - Alternative equity and fixed income products; $1.0b assets at closing, $198mm at 12/31/ Alliance Capital cash management business, $19.0b money market assets at closing AllianceBernstein L.P. Putnam Prime Money Market Fund $12.0 institutional money market fund assets transitioned to Federated from Putnam Prime Money Market Fund 1996 to 2014: 23 transactions totaling $12.6B assets at closing transitioned to Federated from banks and other fund sponsors SunTrust Bank Completed transition of $14.0b in money market assets from SunTrust Banks, Inc. Trustmark Investment Advisors Completed reorganization of $929mm from Trustmark Investment Advisors into Federated equity, fixed income and money market funds Fifth Third Bank Reorganized $4.4b in assets from Fifth Third money market funds into Federated money market funds Huntington Asset Advisors Completed transition of $932mm in money market assets from Huntington Asset Advisors, Inc. Reich & Tang Completed the transition of ~$4.0b in assets from Reich & Tang s domestic and offshore money market funds Horizon Advisers Completed the transition of $435mm in fixed income & equity assets from Horizon Advisers Distribution Strength Attractive to Sellers Equity Centers of Excellence Cash Management Consolidation 14

16 Expanding Global Footprint International Channel: $57B Hermes $42.6B AUM A leading ESG integrated investment manager $24.7B UK and Ireland $10.7B Europe $4.7B North America $2.5B Asia Pacific Federated Europe $12.3B AUM Germany $1.8B institutional and retail distribution; Frankfurt based sales personnel LVM Insurance Group o $1.2B institutional managed assets o $673mm retail managed assets, 7 UCITS $671mm institutional sub-advised, cash and other Federated UK $5.7B cash and short duration bonds Trade finance and emerging markets investment teams Other $4.2B cash management via Separate Accounts, UCITs and US mutual funds Federated Americas (non-u.s.) $2.1B AUM $1.7B Canada; institutional and retail distribution $477mm Central/South America via cash sweep and other fixed income and equity strategies Federated Asia Pacific $138M AUM April 17 added new business development team to focus on the regional distribution of Federated investment strategies and growing strategic relationships with financial institutions 15 Data as of 12/31/18

17 Overview of Hermes Hermes is a leading provider of differentiated and award-winning capabilities across public and private markets with a heritage of responsible investing. Overview In Q3 18 Federated purchased 60% of London based Hermes from the BT Pension Scheme (BTPS). BTPS retained 29.5% and management 10.5% $42.6B* of assets under active management, plus $496bn of assets under stewardship through Hermes Equity Ownership Services ( EOS ) Differentiated investment proposition with strategies across high active share equities, multi-asset credit and private markets (real estate, infrastructure, private equity and private debt) asset classes Pioneering ESG-integrated investment process for mainstream products considers environmental, social and governance factors, in addition to more focused ESG and impact investing thematic capabilities Over 400 employees in London(HQ), New York and Singapore, including ~188 investment professionals and stewardship professionals Driven by withdrawal of lower fee government bond mandate by BTPS in Dec $38 Strong Track Record of AUM Growth ($B) $41 $46 $35 $39 CAGR 3rd Party: 20% Overall: 1% $43 $42 Q AUM 42.6$bn Assets by Type Assets by Distribution Channel 16 *As of 12/31/18 Historical USD numbers have been calculated by applying annual conversion rates of 2012:.624, 2013:.638, 2014:.602, 2015:.649, 2016:.743, 2017:.764. Numbers may not be exact due to rounding *Data prior to Q was pre-acquisition

18 Hermes - Exceptional Track Record of Growth Hermes has experienced significant growth in its client base with third party AUM at $28.7B* Exceptional Track Record of Third Party AUM Growth Driven Primarily by Net Third Party Inflows CAGR: 22% 61% 68% of Total AUM 51% 43% 19% 23% 25% Third Party Gross Sales (Q4 only) $2bn By Distribution Channel** By Strategy $2bn 17 Historical USD numbers have been calculated by applying annual conversion rates of 2012:.624, 2013:.638, 2014:.602, 2015:.649, 2016:.743, 2017:.764. Numbers may not be exact due to rounding Data prior to Q3 was pre-acquisition **Breakdown by channel and region excludes Private Markets, which include a large proportion of UK institutional sales Data as of 12/31/18

19 Value Delivered to Shareholders Uses of Cash ($B) Uses of Cash Over Time($mm) Acquisitions 24% Dividends 48% Share Repurchases 28% Total Share Rep/Acq/Div since IPO 1998: $4.5B Cumulative Net Income Since 1998: $3.8B 18 Data as of 12/31/18 Numbers may not be exact due to rounding

20 Dividends and Weighted Average Shares Outstanding CAGR: 13%* Total Regular Dividends: $14.34 Total Special Dividends: $6.53 Dividend History Special Dividends: $2.76 (9/15/2008), $1.26 (2/12/2010), $1.51 (11/15/2012), $1.00, (11/15/2016) *CAGR calculated from 98-18, special dividends not included Diluted Weighted Avg. Shares (Millions) 19

21 Federated Investment Considerations Business mix offers potential for growth, stability and sustainability Size across asset classes provides organic growth potential across cycles complemented by selective acquisitions Active management across $158B* in total long term managed assets: equity ($72.5B), fixed income ($63B), alternative/private markets ($18B) and multi-asset ($4B) Hermes acquisition adds premier ESG capabilities along with complimentary global investment strategies and distribution capabilities Pure play asset management company; financial strength and flexibility Member S&P 400 MidCap Index 20 *Data as of 12/31/18

22 Appendix Managed Assets by Asset Class Managed Assets by Product Type Equity & Fixed Income Fund Sales Equity, Fixed Income Separate Account Sales Revenue & Distribution Expense by Asset Type Financial Highlights 21

23 Managed Assets by Asset Class Assets in Billions ** CAGR* `98 -`18 Q4 18 Q4 17 YoY % Chg. Money Market $ $ % $ $ % Equity % % Fixed Income % % Alternative/Private Market 18.3 NA NA NA Multi-asset 4.1 NA NA % Total Managed Assets $ $ % $ $ % 22 *Compound Annual Growth Rate **In 1998 multi-asset and certain Alternative/Private Market products were categorized as Equity

24 Managed Assets by Product Type Assets in Billions ** CAGR* `98 -`18 Q4 18 Q4 17 % Chg. Funds Equity $ 36.6 $ % $ 36.6 $ % Fixed Income % % Money Market % % Alternative/Private Markets 11.4 NA NA NA Multi-asset 3.9 NA NA % Total Fund Assets $ $ % $ $ % Separate Accounts Equity $ 35.9 $ % $ 35.9 $ % Fixed Income % % Money Market 93.3 NA NA % Alternative/Private Markets 7.0 NA NA % Multi-asset 0.2 NA NA % Total Sep. Accts. $ $ % $ $ % Total Managed Assets $ $ % $ $ % 23 *Compound Annual Growth Rate **In 1998 multi asset and certain Alternative/Private Market products were categorized as Equity

25 Equity* & Fixed Income Fund Sales ($mm) Fixed Income Equity Fixed Inc Total Gross Sales 14,496 14,624 14,814 16,594 60,528 Net Sales (2,092) (1,780) (3,507) Equity Total Gross Sales 9,801 11,617 5,764 8,915 36,097 Net Sales 1, (3,825) (4,547) (6,272) 24 *Multi-asset products are included in the equity bucket and Alternative/Private Markets products are not illustrated

26 Equity* & Fixed Income Separate Account Sales ($mm) Fixed Income Equity Fixed Inc Total Gross Sales 1,964 1,164 12,750 3,562 19,439 Net Sales 902 (1,933) 10,373 (1,442) 7,900 Equity Total Gross Sales 5,790 10,773 6,447 5,548 28,564 Net Sales 1,215 5,304 (170) (4,682) 1, *Multi-asset products are included in the equity bucket and Alternative/Private Markets products are not illustrated

27 Revenue & Distribution Expense by Asset Type Reconciliation of Non-GAAP Measure $ in mm Q4 '08 Q4 '09 Q4 '10 Q4 '11 Q4 '12 Q4 '13 Q4 '14 Q4 '15 Q4 '16 Q4 '17 Q4 '18 Revenue By Asset Type Money Markets $208.4 $147.2 $121.6 $98.8 $114.7 $76.6 $67.5 $91.3 $125.9 $110.0 $110.1 Equity $63.5 $74.6 $75.9 $68.3 $74.5 $86.5 $100.9 $105.6 $113.8 $119.4 $126.1 Fixed Income $26.8 $40.1 $45.3 $46.7 $53.2 $48.9 $49.1 $46.8 $50.1 $48.7 $44.7 Alternative/Private Market $8.9 Multi Asset $14.0 Other $3.1 $2.9 $2.5 $2.6 $2.4 $2.7 $0.4 $0.0 $0.0 $0.2 $3.4 Total $301.8 $264.8 $245.3 $216.4 $244.8 $214.6 $217.9 $243.7 $289.9 $278.3 $307.2 Distribution Expense By Asset Type Money Markets $102.2 $59.1 $49.9 $39.4 $45.1 $28.2 $26.5 $39.0 $72.1 $51.4 $51.6 Equity $11.7 $10.9 $11.1 $9.1 $9.6 $13.0 $17.8 $18.5 $20.6 $19.8 $12.9 Fixed Income $7.2 $9.8 $10.4 $11.0 $11.8 $10.1 $9.5 $8.6 $9.1 $9.2 $5.9 Alternative/Private Market $3.0 Multi Asset $0.1 Other $0.4 $0.4 $0.7 $0.7 $0.8 $0.9 $0.0 $0.0 $0.0 $0.0 $0.1 Total $121.5 $80.2 $72.1 $60.2 $67.3 $52.2 $53.8 $66.1 $101.8 $80.4 $73.5 Revenue Less Distribution By Asset Type Money Markets $106.2 $88.1 $71.7 $59.4 $69.6 $48.4 $41.0 $52.3 $53.8 $58.6 $58.5 Equity $51.8 $63.7 $64.8 $59.2 $64.9 $73.5 $83.1 $87.1 $93.2 $99.6 $113.3 Fixed Income $19.6 $30.3 $34.9 $35.7 $41.4 $38.8 $39.6 $38.2 $41.0 $39.5 $38.8 Alternative/Private Market $6.0 Multi Asset $13.9 Other $2.7 $2.5 $1.8 $1.9 $1.6 $1.8 $0.4 $0.0 $0.0 $0.2 $3.3 Total $180.3 $184.6 $173.2 $156.2 $177.5 $162.4 $164.1 $177.6 $188.1 $197.9 $233.7 Revenue Less Distribution By Asset Type (As a % of Total) Money Markets 59% 48% 41% 38% 39% 30% 25% 29% 29% 30% 25% Equity 29% 34% 37% 38% 37% 45% 51% 49% 50% 50% 48% Fixed Income 11% 16% 20% 23% 23% 24% 24% 22% 22% 20% 17% Alternative/Private Market 3% Multi Asset 6% Other 1% 1% 1% 1% 1% 1% 0% 0% 0% 0% 1% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 26 Prior to Q multi asset and certain Alternative/Private Market products were categorized as Equity

28 Financial Highlights ($mm) BALANCE SHEET HIGHLIGHTS 12/31/18 12/31/17 12/31/16 12/31/15 12/31/14 12/31/13 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 Cash & Marketable Securities (a) $190 $370 $301 $347 $297 $292 $259 $322 $334 $122 $59 Long-Term Debt Retained Earnings (b,d) , ,070 1,037 1,105 1,029 Treasury Stock (d) (287) (279) (255) (192) (165) (751) (760) (772) (779) (795) (804) Permanent Equity USES OF CASH Share Repurchase (c) $29 $49 $82 $54 $27 $13 $7 $29 $13 $20 $42 Dividends Total $136 $151 $287 $159 $132 $116 $264 $129 $242 $118 $418 As % of Net Income (e) 62% 52% 137% 93% 89% 71% 140% 85% 135% 60% 186% Acquisition Related $171 (f) $5 $1 $2 $13 $9 $14 $54 $50 $24 $134 Diluted Weighted Avg. Shares In Millions for the YTD Period Ended (a) The portion of cash and marketable securities related to consolidated products and noncontrolling interest was $46m, $30m, $35m, $13m, $6m, $17m, $10m, $2m, $3m, $15m, and $2m for the periods ending 12/31/18, 12/31/17, 12/31/16, 12/31/15, 12/31/14, 12/31/13, 12/31/12, 12/31/11, 12/31/10, 12/31/09 and 12/31/08, respectively. (b)the portion of retained earnings related to consolidated products was (-$2m), (-$2m), $2m, $1m, (-$1m) and (-$1m) for the periods ending 12/31/16, 12/31/15, 12/31/13, 12/31/12, 12/31/09 and 12/31/08, respectively. (c) Since the inception of its first share repurchase program in 1999, FII has bought 48,449,473 (open market excluding restricted shares) for $1.2B. At December 31, 2018, FII holds 8,702,074 shares in treasury. Shares outstanding at December 31, 2018 are 100,812,382. (d) During the fourth quarter 2014, the board of directors authorized the retirement of 20 million treasury shares which restored them to authorized but unissued status. Federated recorded a $587.3 million reduction to Treasury stock, at cost using the specific-identification method and a $49.2 million reduction to Class B Common stock, at cost using the average cost method. The difference of $538.1 million was recorded as a reduction to retained earnings. There was no impact to total equity as a result of this transaction. (e) Federated's 2017 results included $70.4 million of net income resulting from the enactment of the Tax Cuts and Jobs Act of 2017, which was signed into law on December 22, The non-cash benefit to net income was a reduction in the income-tax provision related to the revaluation of Federated s net deferred tax liability, due to the reduction of the Federal corporate income tax rate from 35 percent to 21 percent. (f) Federated paid $344M, but received $175M from Hermes. $169M is the net 27

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